XML 106 R98.htm IDEA: XBRL DOCUMENT v3.25.1
Debt Financing - Schedule of Total Debt Financing (Details) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Debt financing, net $ 1,056,519,816 $ 1,093,273,157
Barclays Capital Inc [Member]    
Debt Instrument [Line Items]    
Debt financing, net 0 0
TEBS Financings [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 234,860,535 $ 235,640,736
Period End Rates 4.25% 4.25%
TEBS Financings [Member] | Fixed - M33 [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 27,966,555 $ 28,153,143
Restricted Cash $ 2,606 $ 2,606
Stated Maturities 2030 2030
Tax-Exempt Interest on Senior Securities Yes [1] Yes [2]
Period End Rates 3.24% 3.24%
TEBS Financings [Member] | Fixed - M45 [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 206,893,980 $ 207,487,593
Restricted Cash $ 5,000 $ 5,000
Stated Maturities 2034 2034
Tax-Exempt Interest on Senior Securities Yes [1] Yes [2]
Period End Rates 4.39% 4.39%
2024 PFA Securitization Transaction [Member] | Fixed - Notes [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 72,706,663 $ 72,928,607
Restricted Cash $ 370,000 $ 499,000
Stated Maturities 2039 2039
Tax-Exempt Interest on Senior Securities Yes [1] Yes [2]
Period End Rates 4.90% 4.90%
TEBS Residual Financing [Member] | Fixed - Notes [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 51,246,605 $ 51,574,033
Restricted Cash $ 18,000 $ 265,000
Stated Maturities 2034 2034
Tax-Exempt Interest on Senior Securities Yes [1] Yes [2]
Period End Rates 7.16% 7.16%
TOB Trusts Securitization [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 697,706,013 $ 733,129,781
Period End Rates 4.84% 5.43%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | SoLa Impact Opportunity Zone Fund [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 22,965,161 [3] $ 23,353,548 [4]
Stated Maturities 2025 2025
Tax-Exempt Interest on Senior Securities No [1] No [2]
Remarketing Senior Securities Rate 4.60% [5] 4.60% [6]
Facility Fees 1.78% 1.78%
Period End Rates 6.38% 6.38%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | The Park at Sondrio - Series 2022A [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 30,445,599 [3] $ 30,439,932 [4]
Stated Maturities 2028 2025
Tax-Exempt Interest on Senior Securities Yes [1] Yes [2]
Remarketing Senior Securities Rate 3.15% [5] 3.94% [6]
Facility Fees 1.43% 1.43%
Period End Rates 4.58% 5.37%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | The Park at Vietti - Series 2022A [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 21,560,963 [3] $ 21,556,510 [4]
Stated Maturities 2028 2025
Tax-Exempt Interest on Senior Securities Yes [1] Yes [2]
Remarketing Senior Securities Rate 3.15% [5] 3.94% [6]
Facility Fees 1.43% 1.43%
Period End Rates 4.58% 5.37%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Residency at the Entrepreneur MRBs [ Member ]    
Debt Instrument [Line Items]    
Debt financing, net $ 34,060,000 [3] $ 34,060,000 [4]
Stated Maturities 2028 2025
Tax-Exempt Interest on Senior Securities Yes [1] Yes [2]
Remarketing Senior Securities Rate 3.15% [5] 3.94% [6]
Facility Fees 1.45% 1.45%
Period End Rates 4.60% 5.39%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Legacy Commons at Signal Hills GIL [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 31,155,000 [3] $ 31,155,000 [4]
Stated Maturities 2025 2025
Tax-Exempt Interest on Senior Securities Yes [1] Yes [2]
Remarketing Senior Securities Rate 3.15% [5] 3.94% [6]
Facility Fees 0.91% 0.91%
Period End Rates 4.06% 4.85%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Osprey Village GIL [Member]    
Debt Instrument [Line Items]    
Debt financing, net [4]   $ 49,475,000
Stated Maturities   2025
Tax-Exempt Interest on Senior Securities [2]   Yes
Remarketing Senior Securities Rate [6]   3.94%
Facility Fees   1.19%
Period End Rates   5.13%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Residency at Empire MRBs [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 48,430,019 [3] $ 42,456,840 [4]
Stated Maturities 2028 2026
Tax-Exempt Interest on Senior Securities [1] Yes Yes [2]
Remarketing Senior Securities Rate [5] 3.15% 3.94%
Facility Fees 1.42% 1.42%
Period End Rates 4.57% 5.36%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | The Ivy Apartments [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 24,368,688 [3] $ 24,364,083 [4]
Stated Maturities 2028 2026
Tax-Exempt Interest on Senior Securities [1] Yes Yes [2]
Remarketing Senior Securities Rate 3.15% [5] 3.94% [6]
Facility Fees 1.44% 1.44%
Period End Rates 4.59% 5.38%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Windsor Shores Apartments [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 17,213,483 [3] $ 17,209,991 [4]
Stated Maturities 2028 2026
Tax-Exempt Interest on Senior Securities [1] Yes Yes [2]
Remarketing Senior Securities Rate 3.15% [5] 3.94% [6]
Facility Fees 1.44% 1.44%
Period End Rates 4.59% 5.38%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Village at Hanford Square [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 7,781,494 [3] $ 7,777,224 [4]
Stated Maturities 2026 2026
Tax-Exempt Interest on Senior Securities [1] Yes Yes [2]
Remarketing Senior Securities Rate 3.15% [5] 3.94% [6]
Facility Fees 1.44% 1.44%
Period End Rates 4.59% 5.38%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | MaryAlice Circle Apartments [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 4,702,520 [3] $ 4,698,486 [4]
Stated Maturities 2026 2026
Tax-Exempt Interest on Senior Securities [1] Yes Yes [2]
Remarketing Senior Securities Rate 3.15% [5] 3.94% [6]
Facility Fees 1.44% 1.44%
Period End Rates 4.59% 5.38%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Meadow Valley [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 31,472,062 [3] $ 30,709,433 [4]
Stated Maturities 2026 2026
Tax-Exempt Interest on Senior Securities [1] Yes Yes [2]
Remarketing Senior Securities Rate 3.15% [5] 3.94% [6]
Facility Fees 1.44% 1.44%
Period End Rates 4.59% 5.38%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | 40rty on Colony [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 4,452,924 [3] $ 4,450,508 [4]
Stated Maturities 2026 2026
Tax-Exempt Interest on Senior Securities [1] Yes Yes [2]
Remarketing Senior Securities Rate 3.15% [5] 3.94% [6]
Facility Fees 1.44% 1.44%
Period End Rates 4.59% 5.38%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Sandy Creek Apartments GIL [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 9,646,453 [3] $ 9,640,533 [4]
Stated Maturities 2026 2026
Tax-Exempt Interest on Senior Securities Yes [1] Yes [2]
Remarketing Senior Securities Rate 3.15% [5] 3.94% [6]
Facility Fees 1.44% 1.44%
Period End Rates 4.59% 5.38%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Residency at the Mayer MRBs [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 33,808,738 [3] $ 33,806,861 [4]
Stated Maturities 2026 2026
Tax-Exempt Interest on Senior Securities Yes [1] Yes [2]
Remarketing Senior Securities Rate 3.15% [5] 3.94% [6]
Facility Fees 1.19% 1.19%
Period End Rates 4.34% 5.13%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | The Safford [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 34,304,607 [3] $ 29,772,042 [4]
Stated Maturities 2026 2026
Tax-Exempt Interest on Senior Securities Yes [1] Yes [2]
Remarketing Senior Securities Rate 3.15% [5] 3.94% [6]
Facility Fees 1.44% 1.44%
Period End Rates 4.59% 5.38%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Avistar at Wood Hollow - Series A [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 32,149,200 [3] $ 32,254,020 [4]
Stated Maturities 2027 2027
Tax-Exempt Interest on Senior Securities Yes [1] Yes [2]
Remarketing Senior Securities Rate 3.15% [5] 3.94% [6]
Facility Fees 1.44% 1.44%
Period End Rates 4.59% 5.38%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Live 929 [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 53,092,000 [3] $ 53,092,000 [4]
Stated Maturities 2027 2027
Tax-Exempt Interest on Senior Securities Yes [1] Yes [2]
Remarketing Senior Securities Rate 3.15% [5] 3.94% [6]
Facility Fees 1.18% 1.18%
Period End Rates 4.33% 5.12%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Woodington Gardens - Series A - 1 [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 24,850,356 [3] $ 24,841,650 [4]
Stated Maturities 2027 2027
Tax-Exempt Interest on Senior Securities Yes [1] Yes [2]
Remarketing Senior Securities Rate 3.15% [5] 3.94% [6]
Facility Fees 1.44% 1.44%
Period End Rates 4.59% 5.38%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Aventine Apartments [Member]    
Debt Instrument [Line Items]    
Debt financing, net [3] $ 7,564,303 $ 7,560,184
Stated Maturities 2027 2027
Tax-Exempt Interest on Senior Securities [1] Yes Yes
Remarketing Senior Securities Rate [5] 3.15% 3.94%
Facility Fees 1.44% 1.44%
Period End Rates 4.59% 5.38%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Avistar at Copperfield - Series A [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 11,196,949 [3] $ 11,232,828 [4]
Stated Maturities 2027 2027
Tax-Exempt Interest on Senior Securities Yes [1] Yes [2]
Remarketing Senior Securities Rate 3.15% [5] 3.94% [6]
Facility Fees 1.68% 1.68%
Period End Rates 4.83% 5.62%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Avistar at Wilcrest - Series A [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 4,240,948 [3] $ 4,255,827 [4]
Stated Maturities 2027 2027
Tax-Exempt Interest on Senior Securities Yes [1] Yes [2]
Remarketing Senior Securities Rate 3.15% [5] 3.94% [6]
Facility Fees 1.68% 1.68%
Period End Rates 4.83% 5.62%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Trust 2024-XF3219 [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 46,478,701 [3],[7] $ 46,436,706 [4],[8]
Stated Maturities 2027 [7] 2027 [8]
Tax-Exempt Interest on Senior Securities No [1],[7] No [2],[8]
Remarketing Senior Securities Rate 4.60% [5],[7] 4.60% [6],[8]
Facility Fees 1.79% [7] 1.79% [8]
Period End Rates 6.39% [7] 6.39% [8]
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | The Centurion Foundation [Member]    
Debt Instrument [Line Items]    
Debt financing, net [3] $ 5,053,902 $ 5,051,557
Stated Maturities 2027 2027
Tax-Exempt Interest on Senior Securities [1] No No
Remarketing Senior Securities Rate [5] 4.60% 4.60%
Facility Fees 1.79% 1.79%
Period End Rates 6.39% 6.39%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Avistar at the Crest - Series A [Member]    
Debt Instrument [Line Items]    
Debt financing, net [3] $ 7,218,816 $ 7,240,898
Stated Maturities 2027 2027
Tax-Exempt Interest on Senior Securities [1] Yes Yes
Remarketing Senior Securities Rate [5] 3.15% 3.94%
Facility Fees 1.44% 1.44%
Period End Rates 4.59% 5.38%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Avistar on the Blvd - Series A [Member]    
Debt Instrument [Line Items]    
Debt financing, net [3] $ 12,021,389 $ 12,060,628
Stated Maturities 2027 2027
Tax-Exempt Interest on Senior Securities [1] Yes Yes
Remarketing Senior Securities Rate [5] 3.15% 3.94%
Facility Fees 1.44% 1.44%
Period End Rates 4.59% 5.38%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Avistar on the Hills - Series A [Member]    
Debt Instrument [Line Items]    
Debt financing, net [3] $ 3,989,156 $ 4,001,672
Stated Maturities 2027 2027
Tax-Exempt Interest on Senior Securities [1] Yes Yes
Remarketing Senior Securities Rate [5] 3.15% 3.94%
Facility Fees 1.44% 1.44%
Period End Rates 4.59% 5.38%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Avistar at the Oaks - Series A [Member]    
Debt Instrument [Line Items]    
Debt financing, net [3] $ 5,841,210 $ 5,858,331
Stated Maturities 2027 2027
Tax-Exempt Interest on Senior Securities [1] Yes Yes
Remarketing Senior Securities Rate [5] 3.15% 3.94%
Facility Fees 1.44% 1.44%
Period End Rates 4.59% 5.38%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Avistar in 09 - Series A [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 5,039,248 [3] $ 5,053,972 [4]
Stated Maturities 2027 2027
Tax-Exempt Interest on Senior Securities Yes [1] Yes [2]
Remarketing Senior Securities Rate 3.15% [5] 3.94% [6]
Facility Fees 1.44% 1.44%
Period End Rates 4.59% 5.38%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Barclays Capital Inc [Member] | Trust 2021-XF2953 [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 17,722,363 [9] $ 28,254,089 [4],[10]
Stated Maturities 2026 [9] 2025 [10]
Tax-Exempt Interest on Senior Securities No [1],[9] No [2],[10]
Remarketing Senior Securities Rate 4.45% [5],[9] 4.45% [6],[10]
Facility Fees 1.27% [9] 1.27% [10]
Period End Rates 5.72% [9] 5.72% [10]
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Barclays Capital Inc [Member] | Poppy Grove I GIL [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 32,682,943 $ 28,545,470
Stated Maturities 2026 2025
Tax-Exempt Interest on Senior Securities Yes [1] Yes [2]
Remarketing Senior Securities Rate 3.80% [5] 4.05% [6]
Facility Fees 1.25% 1.25%
Period End Rates 5.05% 5.30%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Barclays Capital Inc [Member] | Poppy Grove II GIL [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 19,225,398 $ 17,231,470
Stated Maturities 2026 2025
Tax-Exempt Interest on Senior Securities Yes [1] Yes [2]
Remarketing Senior Securities Rate 3.80% [5] 4.05% [6]
Facility Fees 1.25% 1.25%
Period End Rates 5.05% 5.30%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Barclays Capital Inc [Member] | Poppy Grove III GIL [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 34,575,943 $ 26,838,470
Stated Maturities 2026 2025
Tax-Exempt Interest on Senior Securities Yes [1] Yes [2]
Remarketing Senior Securities Rate 3.80% [5] 4.05% [6]
Facility Fees 1.25% 1.25%
Period End Rates 5.05% 5.30%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Barclays Capital Inc [Member] | Village Point [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 18,395,477 $ 18,394,018
Stated Maturities 2026 2025
Tax-Exempt Interest on Senior Securities Yes [1] Yes [2]
Remarketing Senior Securities Rate 3.80% [5] 4.05% [6]
Facility Fees 1.61% 1.61%
Period End Rates 5.41% 5.66%
[1] The tax treatment of interest paid to the trust senior trust securities is dependent on the structure of the debt financing. Debt financings designated as “tax-exempt” in the table above are such that the Partnership expects and believes the interest on the senior securities is exempt from federal income taxes, which typically requires a lower remarketing rate to place the senior securities at each weekly reset.
[2] The tax treatment of interest paid to the trust senior trust securities is dependent on the structure of the debt financing. Debt financings designated as “tax-exempt” in the table above are such that the Partnership expects and believes the interest on the senior securities is exempt from federal income taxes, which typically requires a lower remarketing rate to place the senior securities at each weekly reset.
[3] The Partnership has restricted cash totaling approximately $12.7 million related to its ISDA master agreement with Mizuho based on Mizuho’s valuations of the underlying assets and the Partnership’s derivative financial instruments.
[4] The Partnership has restricted cash totaling approximately $15.8 million related to its ISDA master agreement with Mizuho based on Mizuho’s valuations of the underlying assets and the Partnership’s derivative financial instruments.
[5] The remarketing senior securities rate is the market interest rate determined by the remarketing agent to ensure all senior securities tendered by holder for weekly remarketing are purchased at par.
[6] The remarketing senior securities rate is the market interest rate determined by the remarketing agent to ensure all senior securities tendered by holder for weekly remarketing are purchased at par.
[7] The TOB trust is securitized by three MRBs, nine taxable MRBs, and one property loan.
[8] The TOB trust is securitized by three MRBs, nine taxable MRBs, and one property loan.
[9] The TOB trust is securitized by the Poppy Grove I taxable GIL, Poppy Grove II taxable GIL and Poppy Grove III taxable GILs.
[10] The TOB trust is securitized by the Willow Place GIL & Supplemental GIL, Poppy Grove I taxable GIL, Poppy Grove II taxable GIL and Poppy Grove III taxable GIL.